Murray Watt (Queensland, Australian Labor Party, Minister for the Environment and Water) | Hansard source

President, can't you observe Senator McGrath's happiness about the 1.3 million jobs added to our economy under the Albanese Labor government?

The unemployment rate did increase marginally over the month of July, but this remains low by historical standards. While employment decreased by 15,800 in July, we've seen an increase over the year, with more than 190,000 more Australians in work than a year ago. Encouragingly, full-time employment rose over the month, with a record 10.2 million Australians in full-time work in July. The underemployment rate also fell marginally in July, which means that more Australian workers are getting the hours that they want. While the participation rate decreased slightly over the month to 66.9 per cent, it remains a fraction below its record high of 67.2 per cent. These figures released today demonstrate the resilience of Australia's labour market against the backdrop of global economic challenges, including the ongoing conflict in the Middle East.

There will, of course, continue to be challenges across the global economy, and we are not immune. However, since 2022, employment growth in Australia has outpaced all other major advanced economies, including the US, Canada, Italy, France, Germany, UK and Japan. Of course, with the ongoing global uncertainty, our government is taking practical measures to shield our nation and household budgets from the worst of this. These figures come after ABS data released yesterday showed real wages grew in the June quarter, and annual nominal wages have now grown above three per cent for four years under this Labor government. We are delivering real change for Australians. (Time expired)